April 3, 2024

City Leaders and the Brooklyn Community Cut the Ribbon on 35 Commercial Street Bringing Affordability to the Brooklyn Waterfront 

Once completed, Greenpoint Landing will include ~5,500 apartments – including affordable homes – as well as five acres of public open space 

NEW YORK – This morning, hundreds of new affordable apartments opened along the Brooklyn Waterfront. In the midst of a severe housing crisis, with historically few homes available to rent, the City has moved aggressively to build and open new affordable housing developments. In Brooklyn, that includes Greenpoint Landing, which will eventually be home to 5,500 New Yorkers and five acres of public space.  

The New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC) joined elected officials, Park Tower Group and Breaking Ground to celebrate the opening of the most recent addition to the Greenpoint Landing, 35 Commercial Street.

 The 22-story brick tower, located along the waterfront in Greenpoint, Brooklyn, offers 374 permanently affordable apartments. Of the 374 units, 57 have been set-aside for formerly homeless applicants, and include assistance with unit furnishing and ongoing social services provided via a partnership with nonprofit social service organization, Breaking Ground.  

“I’m thrilled to celebrate the addition of nearly 400 new affordable homes in Greenpoint,” said Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer. “35 Commercial Street, and the larger Greenpoint Landing development, are providing thousands of environmentally-conscious opportunities for families, including formerly homeless households, to call Greenpoint home. I’m grateful for the partnerships that have driven this project forward; particularly at a time when the housing vacancy rate is so low, it’s critical to work together to create more affordable homes for New Yorkers across all neighborhoods in New York City.”   

 “It's exciting to see 35 Commercial Street ready to welcome 374 households that will benefit from the new, permanently affordable homes at Greenpoint Landing,” said Executive Director for Housing Leila Bozorg. “This project delivers everything New Yorkers deserve as we work together to tackle our city's housing crises: high quality building amenities, beautiful design, deep affordability, access to great neighborhood amenities, and services through a thoughtful partnership with Breaking Ground. A huge congratulations to all the teams involved, and a special thanks to the tremendous vision of George Klein!"  

"Today, we start the latest chapter for this fantastic site and a new beginning for 374 families, amongst them 57 New York families and individuals who've known the struggle of homelessness and will now get the incalculable comfort and stability of a permanent home," said HPD Commissioner Adolfo Carrión Jr. "This moment is but one more milestone in the grand vision for this transformative development. The lush tree-covered Greenpoint Landing will eventually open its doors to 5,500 families—and with that, a promise of stability and affordability for Brooklynites and all New Yorkers who get to live at this great place."   

“With construction now complete, 35 Commercial Street is providing hundreds of high-quality affordable homes to New Yorkers, while helping to advance New York City’s climate and building decarbonization goals,” said HDC President Eric Enderlin. “HDC is proud to be a part of this critical development and the broader transformation of the Greenpoint waterfront.”   

“We’re deeply grateful to our partners at the City, HPD and HDC as we continue to develop Greenpoint Landing and build more much-needed, high-quality affordable housing in New York City,” said Marian Klein, president, Park Tower Group.  

Greenpoint Landing is a 22-acre site situated along a half-mile of East River waterfront being master-planned and developed by Park Tower Group. In 2005, the City of New York designated the site for residential use under the Greenpoint-Williamsburg rezoning. In its entirety, Greenpoint Landing will include an estimated 5,500 residential units – including affordable housing – as well as five acres of public open space. Greenpoint Landing Associates, an affiliate of Park Tower Group, closed on the construction financing for 35 Commercial Street in 2021 with HPD, HDC, and Wells Fargo Community Development Corporation.  

All 374 residences are income targeted through the Extremely Low and Low-Income Affordability (ELLA) program, with 57 units set aside for formerly homeless applicants. The units are available to New Yorkers earning between 30 and 110 percent of the area median income (AMI). Rents for studios start at just over $400 per month.  

35 Commercial Street, designed by Handel Architects, spans approximately 344,463 square feet including 7,600 square feet of retail space. Bound by Bell Slip to the west, Commercial Street to the south and the future Box Street Park to the north, the project’s design relates to the industrial heritage of the neighborhood. This includes its dramatic brick arched threshold entryway along Commercial Street, leading to one of three private landscaped courtyards for residents designed by local Greenpoint landscape design/build firm, Alive Structures.  

35 Commercial is an all-electric building featuring apartments with electric appliances. The use of Variable Refrigerant Flow (VRF) technology instead of Packaged Terminal Air Conditioner (PTAC) allows for oversized windows within the units that offer sweeping views of the Manhattan skyline. Additional amenities include nearly 11,000 square feet of outdoor space, an indoor and outdoor children’s play area, fitness center, communal lounge, WiFi for all residents, onsite laundry room, and bicycle parking.  

Eleven residential buildings, including 35 Commercial Street, have opened to date within Greenpoint Landing. This also includes 300 permanently affordable apartments completed in 2015 in a joint venture between Park Tower Group and L&M Development Partners across three development sites. Five additional buildings - four of which were developed in a joint venture partnership with Brookfield Properties - are all 30 percent income-targeted through the Affordable New York Housing Program. A 40-story rental tower at 16 Dupont Street, developed in partnership with Rockefeller Group, is anticipated to be completed in 2025.     

“With hundreds of new permanently affordable homes - including apartments for formerly homeless New Yorkers - 35 Commercial Street is a model development,” said NYC Council Member Lincoln Restler. “Too many Greenpointers have been displaced or are severely rent burdened. 35 Commercial Street will help more working class families afford to call Greenpoint home.”    

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